Industry description
The investment seeks the highest level of current income exempt from federal and New York State and city income taxes as is consistent with the preservation of capital.
The fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New York State and city income taxes, including, but not limited to, municipal bonds, notes and commercial paper. It is non-diversified.